New Citi/Seventeen Survey: College Students Take Control of Their Financial Futures

  New Citi/Seventeen Survey: College Students Take Control of Their Financial

Nearly 4 out of 5 college students are working while attending school, and the
     majority are using their own money to fund college-related expenses

Money-related issues top their list of major concerns; 61% think college life
                     is more expensive than they expected

Business Wire

NEW YORK -- August 7, 2013

Citi and Seventeen Magazine today released findings from the 2013 College
Student Pulse, a national survey of over 1,000 high school seniors and college
students exploring the way students save, spend, and manage the finances of
college life. The survey found that students are taking an active role in
funding and managing the costs of college, with nearly 4 in 5 students working
their way through school, and the majority using their own money for a number
of college expenses.

Millennials and Their Money: How They Pay for College Life

  *Nearly 4 out of 5 college students are working while attending school,
    with the average student working 19 hours per week during the school year.
  *The majority of students (62%) have set a budget to keep track of their
    expenses, and 77% say they pay their own credit card bills.
  *Students are footing the bill for a number of their own college-related

Expense                                % of students who     % of students who
                                       say                   say
                                       they’re               their PARENTS are
                                       responsible for       responsible for
                                    the cost            the cost
Spending money                       80%                 15%
Clothing                             71%                 24%
Travel/transportation to and from    59%                 29%
Books                                45%                 25%
Computer/laptop purchase             45%                 31%
Smartphone/phone purchase            45%                 43%
Food                                 41%                 35%

  *The only expense that parents are significantly more likely to pay is
    students’ monthly cell phone bills. 60% of students say that their parents
    pay their monthly cell phone bills, vs. 35% of students who pay it
  *The average student spends $513 on back-to-school shopping, and male
    students spend an average of $246 more than female students. College
    freshmen spend the most, spending an average of $678 on back-to-school
  *A number of different sources fund tuition and housing:

       *When asked who is responsible for covering the cost of tuition, 22%
         of students say that their parents pay; 18% of students pay it
         themselves; 16% say that a scholarship covers the cost; and 41% say
         that financial aid funds their tuition costs.
       *When asked who is responsible for covering the cost of housing, 30%
         of students say their parents pay; 31% students of students pay it
         themselves; 5% say that a scholarship covers the cost; and 15% say
         that financial aid funds their housing costs.

Students Grapple with New Financial Realities

  *The cost of college life takes students by surprise – 61% say that college
    is more expensive than they thought it would be.
  *Money-related issues top students’ list of biggest concerns while in
    school, above making friends (21%) and planning for professional/graduate
    school (41%):

1. Getting a good paying job when they graduate (63%)

2. Getting good grades (61%)

3. Paying tuition bills (53%)

4. The amount of student loan debt they owe (47%)

5. Being able to save (46%)

  *College choice is largely driven by money: 77% say that money played an
    important role in where they decided to apply to/attend college, and
    one-third said that money was the single most important factor in
    determining where they enrolled.

College Cost-Cutting: How Students Manage the Expenses of College Life

  *The majority of students are using a variety of ways to cut costs, and are
    either doing or planning to do the following to trim expenses while in
    school:  Using student discounts (95%), buying used books (94%), grocery
    shopping instead of eating out (88%), using online coupons/discounts
    (81%), sharing housing (76%), walking/biking vs. using a car (72%),
    renting textbooks (72%), and working longer hours to make ends meet (71%).
  *Students use a variety of financial products and tools to manage their
    finances: 69% have a checking account, 67% have a savings account and 31%
    have a credit card. Only 1 in 5 have a credit card when they start
    college, but by the time they are seniors, over half (55%) have one. 59%
    of students manage their finances online via desktop or laptop, and
    another 41% are managing their accounts via mobile device.
  *College students are significantly more likely than the general population
    of smartphone and tablet users* to use mobile technology to manage their
    finances. Students are more than three times more likely than the general
    population to use their smartphones to make a mobile check deposit, more
    than twice as likely to make mobile-to-mobile payments, and almost three
    times as likely to use mobile wallet technology to make purchases.

*According to results of the 3Q 2012 Citi Economic Pulse.

Despite Expenses and Feeling Prepared for the Workforce, Students Plan to
Return to School After Graduation

  *83% of students are confident that they will be well-prepared for success
    in the workforce when they graduate from college, yet 60% plan to return
    to school to pursue a graduate or professional degree. Only 26% do not
    plan to continue their education and will get a full-time job.
  *Ultimately, 94% of students think that college will end up being a good

“Having come of age during the Great Recession, many of today’s students have
experienced a financial wake-up call that’s prompting them to seek ways to
take control of their financial future while they’re still in school,” said
Linda Descano, CFA®, Managing Director and Head of Content and Social for
North America Marketing at Citi, and President and CEO of Citi’s Women & Co.
“This study has given us a glimpse into how students are balancing the
responsibilities of work, studies, and their finances to achieve success – and
has provided us with the insights that we need to offer financial and
professional resources that help them progress towards their goals.”

"This generation is smarter than ever about making and managing their money,"
says Ann Shoket, Editor in Chief of Seventeen. "The responsibility they take
on in college is setting them up for a strong financial future."

For tips on how to cut costs on school expenses, save for college, and manage
the finances of college life, visit Citi’s Back to School guide on Women &
Co., Citi’s personal finance resource for women. For detailed results from the
2013 College Student Pulse, visit Citi’s Women & Co. blog and

The online resources available at Citi’s Women & Co. are one part of a
comprehensive suite of products and online services provided by Citi to help
parents and students manage the finances of college life. Citi offers a
Citibank® Student Checking Account that has no monthly service fees while the
student is enrolled in an eligible accredited institution, as well as no
Citibank fee for use of non-Citibank ATMs across the country. The Citi
Forward® Card enables college students to earn ThankYou® Points for doing
simple things that lead to good credit, like paying on time and staying under
your limit. Students can also reduce their APR (Annual Percentage Rate) by
0.25% when they make a purchase, stay under their credit limit and pay on time
for 3 consecutive billing cycles – and they can do this a maximum of 8 times
up to a 2% APR reduction. At the ThankYou Rewards Back-to-School shop at, students can redeem ThankYou Points earned with their Citi
Forward Card for backpacks, computers and more.

Survey methodology:

This online survey was conducted by YouGov among 1008 high school seniors and
college students between July 11 and July 18, 2013. The overall margin of
sampling error is ±3.00% for the main sample and is higher among subgroups.

Media Contacts:

To schedule an interview with Linda Descano, CFA^® of Citi, please contact
Jennifer Kohanim of FleishmanHillard at 212-453-2116 and or Andrew Brent of Citi at 212.559.1299 and To schedule an interview with Seventeen, please contact
Randi Friedman of Hearst Magazines at 212.649.2578 or

About Women & Co.

Women & Co., a service of Citi, is the go-to personal finance source for
women. By providing financial content, commentary and community, Women & Co.’s
mission is to get women thinking and talking about personal finance. Founded
in 2000, Women & Co. is one of the longest running personal finance websites
dedicated to helping women strengthen their financial futures. Twitter:

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.

About Seventeen

Seventeen ( is the largest monthly teen magazine, reaching
more than 12 million readers in print every month. For almost 70 years,
Seventeen has helped generations of girls navigate the tricky terrain of
adolescence, giving them the confidence they need to become strong,
self-assured young women. Never losing sight of the importance of delivering
her world her way; Seventeen is a leader on the digital front with—the largest teen magazine website, the Seventeen Shopping
Insider app for her iPhone and Droid as well as with the monthly edition of
the magazine on the iPad. Seventeen continues the conversation on social
platforms, connecting with millions of girls via Facebook, Twitter, Instagram
and Tumblr.

In addition to its U.S. flagship, Seventeen publishes 7 editions around the
world. Seventeen is published by Hearst Magazines, a unit of Hearst
Corporation, one of the nation's largest diversified media and information
companies. With 20 titles in the U.S., Hearst is the leading publisher of
monthly magazines in terms of total paid circulation (ABC 2012) and reaches 83
million adults (Fall 2012 MRI gfk). Follow Seventeen on Twitter, Tumblr and

Photos/Multimedia Gallery Available:



Jennifer Kohanim, 212-453-2116
Andrew Brent, 212-559-1299
Hearst Magazines
Randi Friedman, 212-649-2578
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